Legendary British makeup artist Pat McGrath has taken her business to the next level after securing a new investment. Reports from Fashionista say that New York City-based investment firm Eurazeo Brands has just announced that it has struck a $60 million deal securing themselves a spot as a minority shareholder in the popular makeup company.
This new investment has nudged McGrath’s company, Pat McGrath Labs, ahead of another well-known cosmetic brand owned by reality TV star Kylie Jenner. Pat McGrath Labs is now valued at over $1 billion compared to Jenner’s $900 million, as was previously reported by the Inquisitr. Predictions from industry experts also say that Pat McGrath Labs is expected to bring in a whopping $60 million in sales in 2018, based on reports from Women’s Wear Daily.
After years of working as a makeup artist to some of the biggest names in Hollywood and beyond, McGrath launched her own line back in 2016. In its two years of business, the company performed well above many other similar brands, and as a result garnered investments and attention from top industry executives and legacy corporations.
“It has always been my dream to create an iconic beauty brand that goes beyond the usual limitations, that lives outside the parameters of what is expected,” McGrath said in a press release statement. “I am thrilled to be working with the unique and expert team at Eurazeo Brands.”
The sentiments appear to be mutual as Jill Granoff, the CEO of Eurazeo Brands, released her own statement.
“We’re excited to combine our experience of building global beauty and fashion brands with Pat and her team’s unmatched creativity and passion.”
As for McGrath’s next business moves, the mother of makeup says it’s all about expanding her company and making her products more accessible. As of right now, Pat McGrath Labs can be purchased online at the company’s website and at Sephora (both in-store and online), but there is always room for growth!
In a statement given to Fashionista, McGrath said, “The next phase is to continue our incredible trajectory. We have been so blessed to have such an engaged and passionate customer base and the aim is to continue to provide them with more groundbreaking, straight-from-the-runway products and a makeup experience that they cannot get anywhere else. I get so much joy and satisfaction when I see how much our loyal customers love the products, it fuels us to come up with even more innovative creative ideas.”
Adding to McGrath’s many accomplishments and titles, back in May of 2017, she was named the most influential makeup artist in the world by Vogue Magazine.